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New product development (NPD) or product development in business and engineering covers the complete process of launching a new product to the market. Product development also includes the renewal of an existing product and introducing a product into a new market. A central aspect of NPD is product design.
Concurrent engineering (CE) or concurrent design and manufacturing is a work methodology emphasizing the parallelization of tasks (i.e. performing tasks concurrently), which is sometimes called simultaneous engineering or integrated product development (IPD) using an integrated product team approach.
A minimum viable product (MVP) is a version of a product with just enough features to be usable by early customers who can then provide feedback for future product development. [ 1 ] [ 2 ] A focus on releasing an MVP means that developers potentially avoid lengthy and (possibly) unnecessary work.
Product design is the process of creating new products for businesses to sell to their customers. [1] It involves the generation and development of ideas through a systematic process that leads to the creation of innovative products. [2] Thus, it is a major aspect of new product development. Product Design Process:
Classification by levels of novelty include new only to the firm, new to the industry in the country or to the operating market of the firm, or new to the world. [19] Existing product development is a process of innovation where products/services are redesigned, refurbished, improved, and manufactured which can be at a lower cost. This will ...
These projects offer significant improvements in cost, quality, and performance. Platforms are created to meet the needs of a core group of customers changing more than one aspect of a product or service; while derivatives normally only change one aspect of a product or service. Examples: new car models. Microprocessor
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